A ‘classic’ management buy-out at one of the country’s biggest valve wholesalers featured a good number of the city’s professionals and advisers.
And together they made a dream come true.
Leengate Valves, based in Alfreton, was bought from German parent company Linde AG by a management team which included founder and managing director Steve Pickering.
He said: “I am very proud that my team and I now have the opportunity to own the business we know so well.
“Having completed the buy-out we are all looking forward to continuing to work closely with our suppliers and customers and building on our success.”
Leengate supplies major re-sellers in the gas, water and industrial sectors. Annual turnover is nearly £7m.
The buy-out was led by Steve Pickering and supported by sales director Mick Loseby and commercial director Leigh Pickering.
Leengate has grown rapidly in recent years and the deal taking it independent again will mean it can be brought on by second generation family.
The deal was funded by equity and debt finance from YFM Equity Partners and HSBC.
BHP Corporate Finance were lead advisor to the Leengate management team on the acquisition and fundraising.
Don Gray, partner, said: “This is in every way a classic MBO story - a successful business that was deemed non-core by its owners and an ambitious and talented management team that was keen to take it independent.”